Financial auditing procedures simplified with BSV

Financial auditing procedures simplified with BSV

Click here to read in Korean.

The Bitcoin SV blockchain continues to revolutionize several industries and to transform business models across the world. By being the most scalable blockchain, it has given businesses the freedom to develop applications that can support thousands of transactions per second at incredibly low fees. Moreover, Bitcoin SV has greatly simplified financial auditing procedures, giving businesses the ability to implement automated and self-enforced auditing processes.

Bitcoin SV supports the building of business applications that support smart contracts. These contracts, which self-execute when certain pre-determined conditions are met, enable businesses to automate financial auditing procedures. Additionally, the Registry and Automated Management Method for Blockchain-Enforced Smart Contracts ensures that such contracts are fully compliant.

This solution offers several benefits to business owners including enhanced privacy using nChain’s Deterministic Key Generation for the reliable signing of legally binding electronic contracts. It’s also fully integrable with different languages and facilities including JSON, XML and XBRL.

The use of the Bitcoin SV blockchain ensures a business has audit evidence that’s immutable. Transactions recorded on the Bitcoin SV blockchain are immutable. The audit trail is also easy to access, ensuring that businesses can easily keep a track of all their expenses. With an internal economy that incentivizes participants to validate new blocks, the Bitcoin SV is censorship resistant. This further ensures that the records on the blockchain are always available on demand.

Bitcoin SV not only simplifies financial auditing procedures, it also eliminates the risk of fraud. Dr. Craig S. Wright explained, “Using tokenised notes, the organisation could instantly pay any and all tax that it has collected as a part of its trade. Doing so simplifies contracting for small businesses, and stops many forms of fraud within large organisations. More importantly, it allows governments to collect revenue with minimal interference to business.”

By using the Bitcoin SV blockchain, financial auditors will have easier access to audit information. Currently, account reconciliations, journal entries, trial balances, sub-ledger extracts and other supporting information is available in several different formats, both electronic and manual. This makes financial auditing tedious and time consuming. By building on the Bitcoin SV blockchain, businesses get to have all their financial information accessible to financial auditors in an easy and accessible format.

Bitcoin SV has established itself as the global enterprise blockchain and on October 1, business owners, developers and other blockchain stakeholders will be in South Korea for the CoinGeek Seoul conference. Attendees will get to learn how they can leverage recent developments in the Bitcoin SV ecosystem such as the Quasar protocol upgrade. Dr. Wright, along with other thoughtleaders in the Bitcoin society, will grace the event. You don’t want to miss it. Grab your ticket now!

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.